Business
NMGS Warns Nigeria Losing Billions to Illegal Mining
The Nigerian Mining and Geosciences Society (NMGS) warns Nigeria loses billions daily to illegal mining, urging stricter regulation, ethical practices, and sustainable resource management
The Nigerian Mining and Geosciences Society (NMGS) has raised alarms over the billions of naira lost daily to illegal mining activities across Northern Nigeria and other regions.
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National President Rose Ndong highlighted that overreliance on crude oil has limited investment in solid minerals and agriculture, forcing some licensed operators to compromise and engage in unauthorized extraction.
She called for stricter regulation, enforcement of ethical standards, and effective oversight to restore order in the sector.
Ndong spoke during the 261st National Conference of NMGS in Uyo, Akwa Ibom, themed “Optimising Efficiency, Sustainability and Resilience in Resources Management and Infrastructure Development.”
The event will showcase Nigeria’s geo-tourism potential, sustainable infrastructure projects, and the state’s rich mineral and water resources, promoting investment, job creation, and climate-resilient development.
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She commended Governor Umo Eno for his leadership under the ARISE Agenda and described the conference as a strategic step toward positioning Akwa Ibom as a geo-economic hub in the Niger Delta, while advocating mandatory geo-scientific assessments for infrastructure planning.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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